! Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Unit Cost Inventory Furniture Electronics Quantity 190 49 $ 84 Unit NRV $ 99 295 390 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Cost of ending inventory (before adjustment) 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics $ 0 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Transaction General Journal Debit Credit 1 1